Monday, January 11, 2010

 

Does the Government Own the Whole Economy?

My sources say no:
In a recent New York Times op-ed, economist Robert Shiller (coproducer of the famous housing-price index) recommended that the US government begin to sell claims on fractions of Gross Domestic Product. Besides the practical problems with his proposal, it rests on the premise that the US government owns the entire economy. It will be instructive to parse Shiller's column to see just how badly his collectivist thinking misleads him.



Comments:
If Shiller really wants assets that are analogous to corporate stock (as opposed to bonds), it would make much more sense for the government to sell securities entitling the buyer to a percentage of tax receipts, not a percentage of GDP.

As is done in Somalia.

(Cross posted from mises.org)
 
I agree there are some retarded ideas there, however, since tax revenues have a correlation, like jim said it is possible, though ethically stupid.
P.S.Also i can't get on Mises.org, has the gov't messed with my internet?(other in the same network but not IP can)
 
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